Chapter 10.1
GATT, in international business, stands for...
What are General Agreements on Tariffs & Trade?
What are the five forms of regional economic integration?
Free trade area, customs union, common market, economic union, and political union
The European Union has a GDP of 17.8 Trillion Dollars. What percentage of the world’s economy does that account for
What is 25%
How does the WTO differ from the GATT?
The GATT was a set of rules. It has no institutional foundation and is just a multilateral agreement. It functioned only with a small associate secretariat. Meanwhile WTO is a powerful body with enlarged functions. WTO functions with its own secretariat.
WTO, in international business, stands for...
What is the World Trade Organization?
The ending of which war, provoked the creation of the International Trade Organization (ITO)?
What is World War II?
What are the types of trade barriers that free trade area eliminate?
Tariffs, quotas, and other NTBs
What was the name of the treaty that six original nations signed in 1957 that created the european union
What is the Treaty of Rome
What was the goal of the Treaty of Rome?
The Treaty of Rome established the European Economic Community (EEC) and called for the development of a common market among the six member states.
what is the lowest form of economic integration?
Free trade area
System of reduced tariff rates offered on goods exported from developing countries.
What is the Generalized System of Preferences (GSP)?
What is the third step along the path to total economic integration?
Common market
What is the organization within the European Union that has 748 representatives from the individual nations that
What is the European Parliament
What are the differences between Free Trade Agreement and Common Markets?
A free market is a domestic market in which there is no government intervention and all prices, costs, decisions are based on market forces and voluntary exchange. Free trade, on the other hand, takes into consideration the international trade among countries; in which there are very few trade barriers and usually set up free trade agreements.
what does NAFTA stand for?
North American Free Trade Agreement Canada, Mexico, United States
The principle in which requires that any preferential treatment granted to one country, must be extended to all.
What is the Most-Favored Nation Principle?
True or false: an economic union is the complete political as well as economic integration of two or more countries, thereby effectively making them one country.
false , political union
Which treaty was adopted in February 2003 and continued the integration process by making modest modifications to the in the EU’s governance arrangements
What is the Treaty of Nice
What does most favored nation (MFN) mean?
A most-favored-nation (MFN) clause requires a country to provide any concessions, privileges, or immunities granted to one nation in a trade agreement to all other World Trade Organization member countries.
The country in which the World Trade Organization (WTO)'s headquarters is located in.
What is Switzerland?
The country in which the eighth, and final, round of GATT negotiations began in September 1986.
What is Uruguay?
What combines the elimination of internal trade barriers among its members with the adoption of common external trade policies toward nonmembers?
Customs union
The most important aspect of the Treaty of Maastricht was the creation of
Economic and Monetary Union
Why is the EU a unique example of regional association?
The EU is unlike other economic blocs in that it has developed a significant dimension of political union. This is evident in a variety of respects, including the supranational authority that resides in certain of its institutions, notably the Commission and European Court of Justice, the wider use of qualified majority voting and common citizenship rights that now extend across the EU.
The EU is governed by what five organizations?
The European Council, The Council of the European Union, The European Commission, The European Parliament, The European Court of Justice